“The way Wall Street eyes these things, including the liberal use of the words “pro forma,” Cisco had an impressive fiscal first quarter. Revenue came in better than expected and grew 5.3% compared with a year ago, topping expectations of a flat top-line thanks in part to spending from the federal government (see article).

How impressive is this? Well, the country’s economy grew at 7.2%, and business spending on equipment and software rose 15%. Microsoft had revenue growth of 6%, IBM 8.6%, and Dell is estimated to come in at 15% growth. So Cisco Systems, one of the big tech dogs, looks like the runt of that particular litter. Is networking a growth industry anymore, or is it doomed to be troubled by overcapacity and a lack of business demand? The next few quarters are crucial.”

FYI: Eisinger writes the “Ahead Of The Tape” daily rant for the Wall Street Journal. The column, with its colored backdrop on the front page of the “Markets & Investing” section, is said to be amongst the best read parts of the Journal. I don’t doubt it — Jesse is whip smart and cuts right through the bullshit — very quickly.